Colonial’s Chinese venture
The Commonwealth Bank ofAustralia’s (CBA) fund management arm Colonial First State Asset Management has announced a joint venture with China Cinda Asset Management Corporation (Cinda).
Cinda is one of four Chinese state-owned asset management companies managing the non-performing loans of China’s major commercial banks.
Targeted specifically to Chinese investors in the retail domestic equity and fixed interest market, the First State Cinda venture is part of the CBA’s wider strategy within the region. The CBA already has holdings in two Chinese banks, and sees this partnership as an additional opportunity to expand globally.
“The launch of First State Cinda forms part of Colonial First State Global Asset Management’s longer term strategy of identifying and developing attractive growth opportunities,” said Colonial First State chief executive Warwick Negus. “This venture will undoubtedly benefit from Cinda’s existing relationships with large institutions and corporations, as well as its strong connection with the financial services industry.
Following approval from the China Securities Regulatory Committee, the first fund is due to launch later this year. Located in Shenzen and Beijing, the offices have already employed 40 staff.
Recommended for you
Clime’s disposal of advice licensee Madison “needed to happen yesterday”, managing director Michael Baragwanath has told Money Management, as he concludes a severe cost-out period at the business.
As Viola Private Wealth continues on its growth trajectory, the wealth management firm has appointed a seasoned investment professional to be its first chief investment officer.
Financial advisers who wish to implement artificial intelligence in their practices need to undergo a change in their mindset as to how they use technology.
With United Global Capital expected to constitute a substantial portion of CSLR compensation in FY25–26, what has AFCA ruled in its determinations on the company so far?
